Naomi Heaton, Chief Executive of London Central Portfolio (LCP), attributes the growing volume of property sales in the last few months partly to the weak value of sterling.
Heaton’s comments were based on her observation that foreign buyers are major contributors in the capital’s marketplace. The LCP chief executive suggests that the constantly deflating value of the sterling had made fresh market entries 30 percent cheaper, as compared to those earning money in euros or dollars.
Heaton’s comments were a reaction to a survey carried out by Knight Frank on April 21, which delineated how prime property sales London had reached its highest levels since the bullish run of 2007. The expert added that while the market had revived its stance substantially, it is yet to compensate for the two years it spent in utter wilderness. She expects the increasing number of transactions and the positive sentiment generated by the Olympic Games to pave the way for a quicker recovery.
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